Hong Kong SAR, China - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSoybean Oil Import in Hong Kongs Drops Significantly to $75M in 2023
Hong Kong Soybean Oil Imports
In 2023, imports of soybean oil into Hong Kong expanded sharply to 60K tons, growing by 11% on 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 103%. Imports peaked at 63K tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.
In value terms, soybean oil imports shrank to $75M (IndexBox estimates) in 2023. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 148% against the previous year. Over the period under review, imports attained the peak figure at $89M in 2022, and then shrank in the following year.
| COUNTRY | Import Value of Soybean Oil in Hong Kong (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| China | 4.6 | 15.2 | 10.6 | 7.8 | 14.9 | 29.4 | 38.0 | 18.6 | 33.4 | 49.9 | 44.2 |
| Thailand | 3.0 | 1.2 | 2.3 | 1.6 | N/A | N/A | 0.4 | 5.4 | 18.9 | 17.9 | 15.8 |
| United States | 17.1 | 9.1 | 0.5 | 0.3 | 5.0 | 0.2 | 0.6 | 0.3 | 9.2 | 6.6 | 7.1 |
| Argentina | 2.7 | 4.8 | 5.3 | 9.1 | N/A | 2.7 | 5.1 | 2.3 | 3.5 | 5.7 | 5.1 |
| Malaysia | 7.5 | 5.0 | 3.9 | 1.6 | 0.8 | 0.9 | 0.9 | 0.7 | 1.2 | 0.7 | 0.8 |
| Brazil | 20.4 | 8.2 | 6.8 | 1.3 | N/A | 2.7 | 2.3 | 0.5 | 0.6 | 0.8 | 0.6 |
| Taiwan (Chinese) | 8.4 | 1.0 | N/A | N/A | N/A | N/A | N/A | N/A | 6.9 | 5.2 | N/A |
| Others | 5.5 | 1.4 | 0.8 | 1.0 | 0.5 | 3.1 | 1.2 | 2.4 | 1.3 | 1.9 | 1.8 |
| Total | 69.2 | 46.0 | 30.2 | 22.6 | 21.3 | 39.0 | 48.5 | 30.2 | 75.0 | 88.7 | 75.5 |
Imports by Country
In 2023, China (36K tons) constituted the largest supplier of soybean oil to Hong Kong, accounting for a 60% share of total imports. Moreover, soybean oil imports from China exceeded the figures recorded by the second-largest supplier, Thailand (12K tons), threefold. The third position in this ranking was taken by the United States (5K tons), with an 8.4% share.
From 2013 to 2023, the average annual rate of growth in terms of volume from China stood at +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+16.3% per year) and the United States (-9.3% per year).
In value terms, China ($44M) constituted the largest supplier of soybean oil to Hong Kong, comprising 59% of total imports. The second position in the ranking was held by Thailand ($16M), with a 21% share of total imports. It was followed by the United States, with a 9.4% share.
From 2013 to 2023, the average annual growth rate of value from China totaled +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+18.2% per year) and the United States (-8.4% per year).
Imports by Type
In 2023, refined soybean oil and its fractions (50K tons) constituted the largest type of soybean oil supplied to Hong Kong, with a 84% share of total imports. Moreover, refined soybean oil and its fractions exceeded the figures recorded for the second-largest type, crude soybean oil (9.8K tons), fivefold.
From 2013 to 2023, the average annual growth rate of the volume of refined soybean oil and its fractions imports totaled +2.3%.
In value terms, refined soybean oil and its fractions ($63M) constituted the largest type of soybean oil supplied to Hong Kong, comprising 84% of total imports. The second position in the ranking was held by crude soybean oil ($12M), with a 16% share of total imports.
Import Prices by Country
In 2023, the soybean oil price amounted to $1,256 per ton (CIF, Hong Kong), reducing by -23.1% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 53% against the previous year. Over the period under review, average import prices hit record highs at $1,633 per ton in 2022, and then shrank markedly in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Taiwan (Chinese) ($1,504 per ton), while the price for Brazil ($549 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.
This report provides an in-depth analysis of the soybean oil market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 237 - Oil of Soybeans
Country coverage:
- Hong Kong SAR
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Hong Kong SAR, China
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
